Verizon sells Cable & Wireless stake
In its quest to sell non-core assets and investments to generate cash, Verizon Communications said today it has sold its 5.4% stake in Cable& Wireless for $280 million in cash. The stake involves approximately 128.4 million Cable & Wireless shares.
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The transaction was completed today.
Cable & Wireless will report its earnings next week, amid worries about the health of its Global Division. That division includes Cable& Wireless’ U.S. operations. As of press time, Cable & Wireless shares were down 5.19% on the London market.--Liane H. LaBarba, senior editor
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© 2012 Penton Media Inc.
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